HOUSTON, Jan. 24, 2012 (GLOBE NEWSWIRE) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, is investigating Merrill Lynch, Pierce, Fenner & Smith Incorporated in light of two major awards by Financial Industry Regulatory Authority (FINRA) arbitration panels deciding that the firm was liable to investors for more than $2 million in compensatory damages, interest, costs, attorneys' fees and forum fees. One case decided June 23, 2011 (FINRA# 09-06762) in New York was for $914,800 and the other on January 13, 2012 (FINRA# 10-03400) in Detroit was for more than $1.27 million.
The Claimants in both cases were customers of the Merrill Lynch Phil Scott Team out of Bellevue, Washington who had been invested in the Merrill Lynch Phil Scott Team Income Portfolio, which was concentrated 100% in equities. In one of the cases, an elderly lady in ill health was placed in the "one shoe fits all" Income Portfolio, like many other customers of the team.
If you were a customer of the Merrill Lynch Phil Scott Team who suffered losses from investing in its Income Portfolio, we would like to visit with you to discuss your rights and potential claims.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and State courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors in the last 20 years in negotiation, mediation, arbitration and litigation.